Blockchain technology is erupting on the global scale as a revolutionary one. Different industries across the globe are trying to find out use-cases of it owing to the potential that it provides. Moving forward from here on, how will we see it evolve? In order to get a better idea of this, BlockPublisher got in touch with one of the experts of the blockchain arena, Maxim Blagov. Maxim is the Chief Executive Officer and Co-Founder of Enjin Coin, a project aimed at providing a complete ecosystem for developing decentralized games and applications. Besides this, the Enjin ecosystem also provides its community with tools like Enjin Network, Enjin Wallet, EnjinX, Efinity and Enjin Coin (ENJ).
Talking about blockchain technology overall, Maxim stated:
We believe the blockchain will soon become a popular, common form of managing digital assets.
Adding on to his statements, he further stated:
Most people will never understand how the blockchain works, and that’s alright—they won’t need to. They will simply know that their item is on the blockchain, which means they truly own it and can send, trade, sell, loan, and utilize it freely across many different platforms and devices.
There are a lot of complexities that are associated with the world of blockchain. As the entire system is decentralized with no central authority in charge, it sometimes becomes difficult for a layman to truly understand its working. Transaction times, block times, block sizes, smart contracts etc. are some of the terms that make it difficult for the general public to fully get a gist of what is happening on a blockchain, and more exactly how.
As suggested by Maxim, there is actually no such special need for people to understand the concepts behind blockchain in order to use it. Users only need to know about the functions such as selling, buying, trading etc. that they can perform with the revolutionary technology of blockchain. As the entire system of blockchain is based on the distributed ledger technology (DLT), all the happenings of the system are visible to everybody participating in the network. This gives a complete transparent layer of operations to the users operating over a blockchain.
Owing to the anonymity and transparency features associated with this nascent technology, the entire digital asset management arena can be revamped if this technology is put to use. With no central authority forging records, blockchain technology can totally restructure how digital assets are managed around the world, as implied by Maxim.